Some sections of the media have reported that Government will directly intervene to monetize the gold held by charitable, religious and other institutions. It is clarified that this is complete misinformation. The Gold Monetization Scheme is entirely voluntary and it is for individuals, institutions and others to take their own decision to monetize the gold held by them under the Scheme. The objective of the Scheme is to monetize the idle gold held within the country and promote financial savings. A good part of the monetized gold will also be made available to meet the domestic requirement of gold. This will help in reducing our gold imports and save foreign exchange and deal with the problem of Current Account Deficit.

It is once again reiterated that the Gold Monetization Scheme is purely voluntary. It is expected that individuals and institutions will consider the merits and advantages of the Scheme and participate in it.

Voluntary Gold Monetization Scheme: participation is optional and aims to mobilize idle domestic gold to reduce imports. Gold Monetization Scheme is a voluntary framework allowing individuals and institutions to deposit and monetize idle domestic gold; there is no governmental compulsion to seize gold from charitable, religious, or other bodies. The Scheme aims to mobilize idle gold to meet domestic demand, reduce gold imports, conserve foreign exchange and assist in addressing the Current Account Deficit, with participation dependent on holders' voluntary choice.